EDISON S.P.A. 1H2022 RESULTS
Milan, September 2022
EDISON AT A GLANCE 1H2022
€
€13.2B | €622M | €150M | 11.0 TWh |
Revenues | EBITDA | Net Debt | Power produced |
+220.9% | +31.8% | +44.2% | +29.4% |
EDISON HIGHLIGHTS
EDISON LAUNCHES EDISON NEXT (May): a unique platform on the market for services, technologies and skills for the decarbonization of companies and territories in Italy and Spain.
EXIT FROM E&P (May/June): Edison signs an agreement for the sale of its 11.25% stake in North Reggane license in Algeria. The transaction, based on a value around 100M$, is subject to the approval of the competent authorities.
EDISON NEXT BUYS 100% STAKE IN CITELUM ITALIA (May), Italy's 2nd most important public lighting operator and 5th most important in Spain.
EDISON ENERGIA BUYS 70% STAKE IN GAXA (May), a retailer in Sardinia, to increase customer base and contribute to the methanisation of the region.
EDISON INAUGURATES (June) a new wind farm (45 MW) in Mazara del Vallo - Sicily.
EDISON INCREASES WATER RELEASES FROM RESERVOIRS IN VALTELLINA (June/ July) in order to mitigate the impact of the severe drought on the local communities.
EDISON INCREASES the gas available to Italy by 5% yoy, thus contributing to the country's energy security.
6.0 Gm3 | 6.3 GW | 1.7 M |
Gas imports | Installed power | Clients (PoD) |
+1% | -1.5% | +8.9% |
ITALIAN SCENARIO
POWER DEMAND +2.8% mainly due to end of restrictions for covid19 pandemic and cooling consumption for higher temperature.
GAS DEMAND -1.7% lower civil uses following mild winter and lower industrial uses as a result of higher prices
HIGH VOLATILITY IN COMMODITIES MARKET
PUN at 249.1 €/MWh (1H2022 average), +272% vs 1H2021
PSV at 103.5 c€/smc (1H2022 average), + 348% vs 1H2021
1H2022 results | 2
STRONG THERMAL GENERATION OFFSETS DECREASE IN HYDRO PRODUCTION DUE TO DROUGHT
ELECTRICITY
SOURCES | USES | ||||||||||||||||||||||||||||||
(TWh) | 19,0 | 19,0 | |||||||||||||||||||||||||||||
17,9 | +6.1% | (TWh) | 17,9 | +6.1% | |||||||||||||||||||||||||||
0,3 | 0,3 | ||||||||||||||||||||||||||||||
0,3 | (3.2%) | ||||||||||||||||||||||||||||||
(3.2%) | 0,3 | ||||||||||||||||||||||||||||||
(14.5%) | 8,0 | 6,5 | 7,1 | ||||||||||||||||||||||||||||
+8.0% | |||||||||||||||||||||||||||||||
9,4 | |||||||||||||||||||||||||||||||
+5.2% | 1,1 | ||||||||||||||||||||||||||||||
(48.7%) | 0,7 | ||||||||||||||||||||||||||||||
1,0 | |||||||||||||||||||||||||||||||
1,4 | 11,1 | 11,6 | |||||||||||||||||||||||||||||
8,9 | |||||||||||||||||||||||||||||||
+52.9% | +5.2% | ||||||||||||||||||||||||||||||
5,8 | |||||||||||||||||||||||||||||||
1H2021 | 1H2022 | 1H2021 | 1H2022 | ||||||||||||||||||||||||||||
EESM division | Other purchases (a)(wholesalers, IPEX, etc.) | (1 ) | Other sales (wholesalers, IPEX, etc.) | ||||||||||||||||||||||||||||
End customers (1 ) | |||||||||||||||||||||||||||||||
Wind & other renewable production | Hydroelectric production | ||||||||||||||||||||||||||||||
Thermoelectric production | EESM division | ||||||||||||||||||||||||||||||
(1) Before line losses | 1H2022 results | 3 |
Energy services = EESM Energy & Environmental Services Market Division |
HIGHER GAS VOLUMES SOURCED FOR THERMAL GENERATION AND
WHOLESALE MARKET USES
GAS
SOURCES
(bcm) | (bcm) | |||||||||||
+20.7% | 11,0 | |||||||||||
9,1 | ||||||||||||
+62.1% | 5,0 | |||||||||||
3,1 | ||||||||||||
6,0 | (0.5%) | 6,0 | ||||||||||
+16.4% | ||||||||||||
0,1 | 0,1 | |||||||||||
1H2021 | 1H2022 |
Other purchases
LT imports & reserves (pipe, LNG and stock)
Domestic and foreign production (1 )
USES
+20.7% | 11,0 | ||
9,1 | 4,0 | ||
+51.3% | |||
2,6 | |||
2,9 | (4.8%) | 2,8 | |
1,2 | +8.9% | 1,2 | |
2,4 | +23.9% | 3,0 | |
1H2021 | 1H2022 | ||
Other sales (including sales of production outside Italy)
Industrial use
Residential use Thermoelectric fuel use
(1) Production by Edison Stoccaggio. Net of self-consumption and at standard calorific power and | 1H2022 results | 4 |
production related to the concession in Algeria. |
DESPITE STRONG GROWTH IN REVENUES AND EBITDA…
REVENUES
EBITDA
(M€)
13.222
+221% | |
10.331 | |
4.120 | |
2.388 | 398 |
286 | 4.087 |
1.720 | |
-274 | -1.594 |
1H2021 | 1H2022 |
Gas operations
Energy services
Electric power (excl Energy services) operations
Corporate
MAIN DRIVERS:increase of costs of the imported gas and power and increase in
overall sourced volumes
622
+31.8%
472 | 295 |
174 | |
40 | 48 |
297 | 320 |
(39) | (41) |
1H20211H2022
EBITDA MAIN DRIVERS
- Portfolio optimization activities
121 ▲ New gas supply agreements
- Higher contribution from thermo and portfolio optimisation activities
23 ▼ Decrease in hydro due to enduring drought and decrease in wind sector ▼ Impact of increased prices on the marginality of downstream business
Edison expects to close 2022 with an EBITDA in a range between 950 M€ and 1,050 M€ (actual EBITDA @ 31/12/2021: 989M€)
with significant uncertainties associated with the level of volatility and regulatory risk
1H2022 results | 5
Energy services = EESM Energy & Environmental Services Market division
Questo è un estratto del contenuto originale. Per continuare a leggere, accedi al documento originale.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Edison S.p.A. published this content on 14 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2022 13:39:03 UTC.
